OFX review: built for larger international transfers
OFX isn't a spending wallet — it's a money-transfer specialist. For moving serious amounts between countries, its rates beat banks and most wallets. Here's how it works and when to use it.
What will you mainly use OFX for?
Verdict in 30 seconds
OFX is a different animal from Skrill or Neteller: no balance to spend at merchants, no card — it moves money between bank accounts across borders, with exchange-rate margins well below typical bank rates. The bigger the transfer, the more it saves. For everyday online payments, use a wallet instead.
What we liked
- Exchange-rate margins far below typical bank rates
- No fixed transfer fees on most routes
- Savings grow with transfer size — ideal for large amounts
- 50+ currencies, transfers to 180+ countries
- 24/7 human phone support — rare in this market
- Rate alerts, forward contracts and recurring transfers
What to watch
- Not a spending wallet — no merchant payments, no card
- Transfers take 1–3 business days, not instant
- Margin is built into the rate — compare the live quote
- Less competitive on very small transfers
OFX fees, plainly
Published personal-account fees as of June 2026. Confirm current rates on ofx.com before transacting.
| Action | Fee | Speed |
|---|---|---|
| Open account | Free | Same day |
| Transfer fee | None on most routes | — |
| Exchange-rate margin | ~0.4–1.5%* | — |
| Transfer delivery | — | 1–3 business days |
| Rate alerts & forward contracts | Free | — |
| Inactivity fee | None | — |
*Indicative — the margin depends on currency pair and amount, and larger transfers get better rates. OFX shows the exact rate before you commit.
From zero to first payment — the exact steps
OFX's flow is different from a wallet: <strong>you don't hold a balance.</strong> You lock a rate, send funds from your bank, and OFX delivers to the recipient's bank.
Register and verify
Personal or business account — name, address, ID document. Most personal accounts are verified the same day.
Same dayGet a live quote
Enter the currency pair and amount; OFX shows the exact rate and what the recipient gets. Compare it against your bank's rate — that gap is your saving.
~1 minLock the rate and book
Confirm the transfer to fix the rate. You can also set a rate alert or a forward contract if you're waiting for a better rate.
~2 minFund from your bank
Send a local bank transfer to OFX's account in your country. The sooner it arrives, the sooner conversion happens.
Same day–1 dayRecipient gets paid
OFX converts and pays out to the recipient's bank account, typically 1–3 business days end-to-end. You get notifications at each step.
1–3 daysHow OFX compares
| OFX | Skrill | PayPal | |
|---|---|---|---|
| FX margin | ~0.4–1.5% | 3.99% | ~2–4% |
| Fixed fees | None* | None; 1.75% to withdraw (min €3.50) | Varies |
| Speed | 1–3 days | 1–5 days | Instant |
| Spend at merchants | No | Yes | Yes |
Use OFX to move money between countries cheaply; use a wallet like Skrill for instant online spending. They solve different problems — see the full comparison for 2026.
OFX questions, answered
Is OFX safe and regulated?
Yes. OFX is a publicly listed company regulated in each region it operates — including ASIC in Australia, the FCA in the UK and FinCEN registration in the US. Client funds are held in segregated accounts with major banks.
How is OFX cheaper if there's no fee?
The cost is the margin built into the exchange rate. OFX's margin is typically a fraction of what banks charge, and it shrinks as transfer size grows — that's where the saving comes from. Always compare the final amount the recipient gets.
OFX or an e-wallet like Skrill?
Different tools. OFX moves money bank-to-bank across borders at strong rates but can't pay online merchants. Skrill pays merchants instantly but has a 3.99% FX fee. Big cross-border amounts: OFX. Online spending: wallet.
What's the minimum transfer?
OFX targets meaningful transfer sizes — small remittances are often cheaper elsewhere. The quote screen shows whether your amount qualifies and what rate it gets before you commit.
How long does a transfer take?
Typically 1–3 business days door to door: your local payment to OFX, conversion, then payout to the recipient's bank. Major currency pairs are usually at the fast end.